1030 W. Higgins Road Suite 365
Park Ridge, IL 60068 / Tel: 847-696-1000 Fax: 847-696-1001
www.saturntitle.com
SATURN TITLE LLC
TITLE INDEMNITY ESCROW AGREEMENT
Agreement Number: ______
WHEREAS, SATURN TITLE, LLC (herein referred to as the Company) is about to issue its title insurance policy insuring against loss by reason of defects in the title to the land described in Commitment of Title Number ______.
AND WHEREAS, the company has noted as exceptions to the aforesaid title the following actual or supposed rights, interest, liens, claims, encumbrances of defects in the title (all hereinafter referred to as Exceptions):
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AND WHEREAS, the Company has been asked to issue its title insurance policy as aforesaid , either without mention of the aforesaid Exceptions or insuring against loss by reason thereof; and
WHEREAS, the Company may issue either concurrently herewith or hereafter and in the ordinary course of its business another policy or policies in the form or forms now or then commonly used by the Company, insuring against loss by reason of defects in the title to said land or to some parts thereof or interests therein, either without mention of the aforesaid Exceptions or insuring against loss by reason thereof;
NOW THEREFORE, in consideration of the issuance of the title insurance policy and the payment of $1.00 to the undersigned by the Company, the sufficiency and receipt of which is hereby acknowledged, the undersigned, jointly and severally, for themselves, heirs, personal representatives and assigns do hereby covenant and agree with the Company:
(1) To forever fully protect, defend and save the Company harmless from and against all the Exceptions, in and from any and all loss, costs, damages, attorneys’ fees and expenses of every kind and nature which it may suffer, expend or incur, or by reason, or in consequence of the title insurance policy on account, or in consequence, or in growing out of the Exceptions, or on account of the assertion or enforcement or attempted assertion or enforcement thereof or any rights existing or hereafter arising, or which may at any time be claimed to exist under, or by reason, or in consequence, or growing out of the Exceptions or any of them;
(2) To provide for the defense, at their own expense, on behalf and for the protection of the Company and the parties insured or who may become insured, against loss or damage under the title insurance policy (but without prejudice to the right of the Company to defend if it so elects) in all litigation consisting of actions or proceedings based on any Exceptions which may be asserted or attempted to be asserted or enforced in, to, upon, against or in respect to the land or any part thereof; or interest therein;
(3) To pay, discharge, satisfy or remove all of the Exceptions to the satisfaction of the Company (as to which the Company shall be the sole judge) on or before ______, 20______; and
4) That each and every provision herein shall extend and be in force concerning future polices or commitments.
The undersigned hereby deposits with the Company as Escrowee under this Agreement known as Title Indemnity-Escrow Agreement Number ______; to constitute a fund under the absolute control of the Company/Escrowee to Indemnify the Company as herein provided and for the other purposes herein set forth.
The Company/Escrowee shall have the right at any time hereafter, when it shall deem it necessary, expedient, desirable, or to its interest to do so, in its discretion to use or apply the fund, or any portion thereof, in such manner and in such amounts as the Company may deem necessary and advisable, to the payment, discharge or satisfaction of, or the removal from the title to the land, or any part of parts thereof, or interests therein, any of the Exceptions, or for the purpose of acquiring by conveyance, assignment or otherwise any Exceptions, or for the purpose of reimbursing anyone who may have paid, discharged, satisfied or removed any Exceptions.
In case of litigation involving the fund or the rights of any person or corporation hereunder, the cost, expense and attorney’s fees of the Company may be paid or retained by the Company out of the fund.
If the Company shall find that the liability hereunder shall have increased because of lapse of time or otherwise, the Company may call on the undersigned for an additional deposit sufficient to indemnify the Company against such increase of liability, in which event the undersigned shall thereupon furnish the Company the deposit requested.
The Company/Escrowee shall be under no duty to invest or reinvest any cash at any time held by it hereunder. The Company/Escrowee shall have the full right, power and authority to commingle any and all cash at any time constituting said deposit or part thereof with its other Escrow funds and all income, if any, derived from any use which the Company/Escrowee may make of any deposits hereunder shall belong to the Company/Escrowee
In case any of the Exceptions are paid, discharged, satisfied or are removed as such to the satisfaction of the Company (as to which the Company shall be the sole judge), without the use of the fund, or in case any surplus remains in the hands of the Company/Escrowee after it shall have reimbursed itself for all loss, damages or disbursements, such fund or surplus, after deducting the costs, expenses, fees for services and attorneys’ fees, if any, of the Company, shall on demand, be paid or delivered to:
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The Company shall not be under any obligation of recognizing any assignment of the fund, or any part thereof, until the original or a signed duplicate of the assignment, accepted in writing by the assignee, is deposited with and approved by the Company.
If this Title Indemnity-Escrow Agreement is not terminated as hereinbefore provided on or before, the Company/Escrowee shall thereafter charge a reasonable service or handling fee to be paid out of the fund.
IN WITNESS THEREOF, the parties have executed this agreement this ______, 20_____.
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Property Address: ______
SATURN TITLE, LLC in its own behalf and as Escrowee
Accepted by: ______